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Month: May 2016

Top Tips To Negotiate A Better NJ Real Estate Deal As A Buyer

Today, New Jersey features a booming real estate market, thanks to the improving economy but more so because of its continuing efforts to develop into a more affordable yet sophisticated city to live in, as compared to its neighbors such as New York City. New residents are flowing into the Garden State, and if you are one of them, it will do you good to have a set of shrewd negotiation skills and ample knowledge to stand your ground when you are tackling a real estate deal as a buyer. Here are some useful tips for you:

Understand the Current Market

Are you in a buyers’ market or a sellers’ market now? If you are in a buyers’ market now, there are more houses for sale for buyers to choose from and this is in your advantage. Because there is more supply than demand, you will be able to pitch a lower buying price which the seller might be forced to accept, especially if the seller is in a hurry to sell due to his or her unique situation. You have the upper hand here but do not get arrogant because by asking for the moon, you may lose a property which you are really interested in. A good strategy is to compare house prices, think of a fair price, and pitch slightly lower than that price.

Find Out the Reasons for the Home Sale

The more you understand the seller, the easier it is for you to win the battle. When you understand the reasons why the seller is willing to let go of a good piece of property, you will be able to tailor your offer better. You can also use public records to do your research (if your seller is not willing to disclose too much), for example, you can find out if the seller is in the midst of a divorce proceeding or whether the property is in foreclosure.

Do a Home Inspection but Know Its Limitations

Some property buyers think that a home inspection will give them the power to renegotiate a property deal, especially when major faults are found. Many home sellers are not willing to pour in the money to do major repairs, especially if the home inspection is done after the price has been agreed upon. If you are eyeing a piece of hot property, it’s more often than not that the inspection report is already prepared so you should be able to submit a fair offer after reviewing it.

Always be Proactive in Asking

Well, if you don’t ask, you will not get! It will never be a bad strategy to ask the seller for concessions, and if you do it in a polite way, there will be space for negotiations. Give your reasons to support your requests and if they are fair, the seller might have to accede to your requests. Therefore, asking lots of questions is always in your advantage.

Make an Offer on the Home Value, not the List Price

Do your research on the most recent sales in the neighborhood. This will give you powerful ammunition to negotiate your way through a real estate deal where the home has been priced over the market value and has been lingering in the marketplace for quite a while. It’s at times like this where the help of a local NJ property agent can be invaluable.

Alpine, Tenafly, and Saddle River Among The Top Places To Live In New Jersey

If you are new to New Jersey, ask any local and they will tell you some of the best things about living in New Jersey include the proximity to New York City and the beaches. What’s more, schools in New Jersey are reputed and neighborhoods are known to be very safe. If you plan to go property hunting in the Garden State, here are some of the best places that you should consider:

Alpine

A cliff-top community in Bergen County, Alpine has often been associated with the rich and famous due its status as one of the most expensive places to stay in New Jersey. While you might be tempted to think that expensive does not always mean good, there is a reason why property prices are high in this elite enclave. Alpine accords exclusivity to those who live here, and what you can find here are lavish mansions and sprawling estate homes. It overlooks the magnificent Hudson River and is just around 20 miles away from NYC. Property prices averages around the four million dollar mark but if you have the money, you will love the fact that Alpine features low property taxes. What’s more, you can expect to rub shoulders with neighbors such as Mary J Blige and Chris Rock here.

Here’s a sampler of what you can get in Alpine: A magnificent house that comes complete with swimming pool with waterfalls as well as private putting green

Tenafly

Regularly voted as one of the best places to live in NJ, Tenafly may not have the elite portfolio that Alpine has but it certainly doesn’t lose out when it comes to being a great neighborhood to raise a family in New Jersey. Top schools such as Tenafly High School and Kaplen JCC are the reasons why many young families choose to settle in Tenafly. Tenafly’s median home value is slightly across $700,000 but with its proximity to the George Washington Bridge (gateway to NYC), the property you can buy here are truly worth the money. The community features diverse demographics and many new residents find it easy to settle down here with a smooth transition. You can also get a lot of choices here from condominiums to one-acre small houses to charming mansions.

Here’s a sampler of what you can get in Tenafly: A Colonial house with four bedrooms, five and a half bathrooms, with a family room that has a walkout to the yard plus a 2-car garage

Saddle River

If you want a scenic town to live in New Jersey, you simply have to come to Saddle River. Nestled among rambling brooks and rolling hills, this community is among the most exclusive and wealthiest neighborhoods you can find in NJ. Often compared with Franklin Lakes and Alpine, Saddle River features residents such as Rosie O’Donnell and Mary Higgins Clark. Interestingly, Richard Nixon was a past resident in Saddle River after he has resigned the presidency. Amenities in this town are aplenty and you can expect to see properties going for around $1.6 million as the median home value. If you love the charming classics yet you want to be around modern developments, Saddle River will make a great neighborhood for you to settle down in New Jersey.

Here’s a sampler of what you can get in Saddle River: An all-brick manor featuring custom handcrafted woodwork that comes with an outdoor swimming pool while you enjoy the panoramic views of the Ramapo Mountains

If you are hunting for property in NJ, call us at 201.568.5668 or email Josh@NJLux.com to explore your best real estate options.

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